Quest PharmaTech Announces First Quarter Results

About this update from Quest Pharmatech Inc.

[{"type":"text","content":"\n\n\n\nTSX Venture: QPT\n\n\nEDMONTON, June 17 /CNW/ - Quest PharmaTech Inc. (TSX-V: QPT), a\npharmaceutical company developing and commercializing products for the\ntreatment of cancer and dermatological conditions, today announced fiscal\nfirst quarter results for the period ended April 30, 2009.\n\n\nHighlights\n\n- Finalized and signed clinical trial agreements with centers in\n Edmonton and Toronto for initiation of SL052 Prostate Cancer clinical\n trial. Submissions made to respective research ethics boards;\n\n- Notified that positive research findings on SL052 photo-immunotherapy\n accepted for publication in peer-reviewed journal. The article,\n entitled, "Exploitation of Immune Response-Eliciting Properties of\n Hypocrellin Photosensitizer SL052-Based Photodynamic Therapy for\n Eradication of Malignant Tumors", will be published in an upcoming\n edition of Photochemistry and Photobiology;\n\n- Initiated evaluation and selection of second-generation formulations\n from several nanoparticle-based candidates to further adapt\n Hypocrellin-based photodynamic and sonodynamic therapy to a wider\n spectrum of clinical needs including cancer treatment;\n\n- Presented Company's updated profile to institutional and retail\n investors at BioFinance 2009 conference in Toronto.\n\n\n"The finalization of our clinical trial agreements moves us closer to\nrealizing the potential for SL052 photodynamic therapy to become an effective\ntreatment for prostate cancer with minimal collateral damage compared to\nconventional treatment approaches," stated Dr. Madi R. Madiyalakan, Chief\nExecutive Officer at Quest. "Going forward, we believe that an increased focus\non our oncology pipeline will yield more unique and potentially effective\nproduct candidates thereby creating greater value for Quest shareholders."\n\n\nFinancial Results\n\n\nNet consolidated income for the three month period ended April 30, 2009\nwas $126,978 or $0.00 per share (April 30, 2008 - $74,809 or $0.00 per share).\nResearch and development expenditures for the three month period ended April\n30, 2009 totaled $119,316, while general and administrative expenses were\n$198,935 for the same period.\n\n\nAs of April 30, 2009, the Company had cash and cash equivalents of\n$737,355. The Company also has debt of $500,000 in the form of a convert...

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